Whether we accept it with open arms or resist it at every step, we live in a time of rapid technological advancement and lifestyle change. While previous generations may simultaneously rely on similar work and personal life patterns for decades, we are faced with the need to adapt to significant changes that occur once every few years.
Such a rapid pace of change places unprecedented emphasis on foresight and preparation. For those of us who want to grow our career or business, this is now a requirement to come first. This article focuses on describing patterns that are considered important for real estate property management over the next twenty years.
Money Flows
After decades of paid work, running a business, and investing in your income, a typical baby boomer expects your retirement to be prosperous and forgiving. There are several factors at stake that can make this dream a reality for many. For starters, child boomers are approaching the highest income years and will have healthy annual incomes due to their high level of education.
Technology & Media
While computers and the Internet have demonstrated new tools for children’s boomers to learn and gradually integrate into daily work and family life, they are a natural foundation for daily communication and social interaction for Generation Y. Y generation members are very skilled and most importantly very comfortable with technology. More than 80 percent use the Internet for school-related work, as well as social media.
Real Estate Preference
A follow-up survey shows that urban life and pedestrian urbanity are a hallmark of Gen Y real estate privileges. As it turns out, this demographic makes it interesting to work and work close to the city center, or at least the suburban suburbs, where you can shop, have fun, and drive to work without the hassle. can be accessed.
What It Means to Property Managers
It is reasonable to assume that we can see a huge increase in demand for managed real estate as the Y generation enters the age of rent and home purchase. The downturn in the housing market is holding them back as well as first-time homebuyers, and it is reasonable to expect them to be the main driving force behind the market over the next 5 years. Important: property managers need to carefully consider how to address this generation and their specific communication methods.
The Planned Community Concept
Recent surveys show that municipalities across the country, and especially in the Solar Belt, are increasingly embracing homeowners associations and other forms of public administration. The planned community model is emerging faster than the traditional single-family plot as the preferred form of new individual development. A closer look reveals that this phenomenon is easily explained by economic issues: managed/planned communities maintain similar property tax revenues and allow municipalities to cover excess costs, which experts in the field call light management.
Final Verdict
The demographic and economic factors discussed in this document will lead to a significant increase in demand for property management services. However, this does not mean that property managers can continue to work as usual and expect their share of this pie to grow. As sophisticated, affluent, and technology-savvy consumers move to live in crowded-controlled communities, and real estate becomes increasingly secure, the standard of property management services will rise dramatically.